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Ten of the world's largest oil companies committed to curbing carbon emissions by setting up a $1bn fund. Photo: Pixabay

Companies announce $1bn climate fund

The Paris climate change agreement was met with unhappy and even skeptical responses by many, who believe that the agreement was not achievable–especially in the oil and gas industry. In December of 2015. close to 200 countries from around the world made commitments to keeping global warming below 2 degrees Celsius by cutting carbon emissions. The long-term goal of the technically non-legally binding agreement is for net zero emissions, which would effectively phase out fossil fuels.

But today, The Guardian reported that ten of the world’s biggest oil companies have announced a $1 billion dollar fund aimed at reducing the impact of oil and gas on climate change. They created the Oil and Gas Climate Initiative (OCGI). The group proclaims to be a “CEO-led initiative which aims to show sector leadership in the response to climate change. OGCI is made up of ten oil and gas companies that collaborate on action to reduce greenhouse gas emissions.” Companies participating in the initiative include BP, Shell, Eni, Total, Statoil, Pemex, and others.

However, the Guardian notes that the the investment from each of these companies only constitutes just 0.1% of the companies’ current level of yearly capital expenditure. Read the entire article from The Guardian here…

2 comments

  1. Herman Goodfellow

    Carbon capture and storage is a Boondoggle to delay meaningful action.
    The familiar oil and gas mantra is “if you aren’t lying, you aren’t trying.”

  2. Herman Goodfellow

    Carbon sequestration is nothing but a boondoggle.

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